Company’s financial difficulties and their prevention

The business plan should be updated regularly, as it describes the customers of your company, the competitive situation and the risks of your business operations. It also includes calculations of your company’s profitability and financing as well as the product strategy.

You can draw up your business plan in the My Enterprise Finland service.

Marketing helps you develop your company's brand and maintain good relationships with existing customers as well as find new ones. However, it requires financial investment. In some situations, you may receive public or private support for marketing. 

A good organisation of sales improves the efficiency of sales and helps you allocate resources. Remember to also monitor the achievement of the goals and customer satisfaction so that you can make changes in a timely manner if necessary.

Your company will have a continuous need for money for its working capital and sometimes also for investments. Money is particularly needed when you are launching or expanding your business. Financial planning is usually divided into short-term and long-term planning. 

A budget is your company's monetary action plan that describes where money is coming from and how much you intend to spend during the budget period. The budgeting process is divided into three phases: planning, preparation and monitoring.

In connection with business budgeting, plan also how much salary you want to pay yourself. It is helpful to make a budget for personal income and expenses according to the instructions of the Guarantee Foundation (in Finnish)Opens in a new window.. 

Investments refer to procurements required to run a company's operations, such as machinery and production facilities. Investments are often expensive, so it is worth planning procurements thoroughly. Do not get scared if the investment process momentarily lowers the company’s profitability.

Read the planning instructions for investments.

For investments and other development of operations, your company can receive:

• subsidies and grants
• loans and guarantees
• capital investment.

For advice on funding projects, contact the Enterprise Finland telephone service and the SME financial advice of the ELY Centre.

Business development is a continuous activity, as your company's customers and business environment are often also changing. You should strengthen your competence and ask for help from external experts.

Business development services help with e.g.:

• sparring the business plan
• reforming or growing business
• product development and innovation
• digitalisation of business
• development of marketing
• improving management
• risk analyses.

Among others, the ELY Centre, development companies and the Enterprise Agencies provide free services as well as services subject to a fee. You can find out which services are suitable for your company or call the Enterprise Finland telephone service or the advisory service in your region.

You can also hire a private consultant to help you develop your business.